City Updates

EFCC Presents Key Witness in N2.7Bn Fraud Case Against Lagos Couple

Femi Ashekun/

The Economic and Financial Crimes Commission (EFCC) on Thursday presented Adesola Adeyinka, CEO of Credit PRO Business Limited, as its second prosecution witness in the trial of Ruth and Oriyomi Idowu, a couple accused of orchestrating a N2.7 billion fraud.

The trial is being heard before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos.

The Idowus, facing a 20-count charge, are alleged to have engaged in a series of financial crimes, including obtaining money by false pretenses, money laundering, and forgery.

The charges also involve the companies: Food Commodity Processing Enterprise, Bonway Food Processing Company Limited, Samee Idowu Company Limited and Farmex Integrated Companies Limited, all reportedly owned by Ruth Idowu.

The EFCC alleges the couple misrepresented fake purchase orders to defraud Credit PRO Business Support Services of over N2.7 billion.

According to a statement by Dele Oyewale, the EFCC spokesman, Adeyinka testified that he unknowingly engaged with a fraudulent business and detailed how payments were misdirected by the defendants.

“We later realised that these contacts were fabricated to mislead us,” he stated, revealing that fake companies were used to create a false sense of legitimacy around the transactions.

During Thursday’s proceedings, Adeyinka described his company’s efforts to secure payment, including setting up a WhatsApp group with Loiry Ventures, a company linked to Ruth Idowu.

He revealed that all communications, initially believed to be with legitimate entities, were traced back to Ruth herself.

Defense counsel requested an adjournment to cross-examine the witness.

Justice Dada scheduled the case to resume on January 20, 21, 22, and 23, 2025.

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